Time leftGeorge plays football for an AFL club as a professional player. At the beginning of the current income tax year, George was approached by a different club who asked himswitch to their club. George agreed to this offer, and he has received the following from the new club in the current income tax year:• $30,000 as a one-off sign-on fee to encourage him to sign with the new club.$40,000 in match fees ($4,000 per match for ten matches).Assuming the above amounts are the only receipts George receives, which of the following amounts would be the total ordinary income for George for the current tax year?O a. $40,000O b. $0Oc. $30,000O d. $70,0000

Here's the breakdown:Sign-on fee: $30,000Match fees: $4,000 per match * 10 matches = $40,000Total…

Answered: Time left George plays football for an…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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